WOWIO, INC. Signs Letter of Intent to Acquire 55% of Presidential Mountain Resort, LLC
07 December 2018 - 2:03AM
InvestorsHub NewsWire
250 acre site with at least 70 log cabins and an
approved Hilton Homewood Suites Hotel
Henderson, NV -- December 06, 2018 -- InvestorsHub NewsWire
-- Wowio, Inc. (OTC Pink: WWIO) “WWIO or The
Company” has signed a binding letter of intent to
acquire 55% of Presidential Mountain Resort, LLC that owns
“The Brookwood Recreational Resort”, a magnificent
250 acre vacation resort nestled in the famous White Mountains of
New Hampshire.
In addition to high end log
cabins, the resort will
include a Hilton Homewood Suites
Hotel. The permits and contracts for this hotel have been
approved by both the Town and by Hilton. The franchise fee
has been paid and architectural plans are nearly complete.
Construction is scheduled to start early
2019. This will be an 85 key “all suite,
family friendly” hotel with full kitchens in the rooms. The
hotel will include additional facilities not usual in the standard
Homewood, such as a larger soft seating lounge area with a Bar,
large arcade room, a convenience store double the usual size,
larger pool and a magnificent vaulted ceiling and double wide
fireplace in the reception area.
Over the past several months, the property has been further
developed bringing the facility to a cash flowing opportunity.
Since last year’s MAI (Member of the Appraisal institute)
appraisal, the property’s value has improved and is today worth in
excess of $4 million dollars. Projected
revenues prior to the opening of the hotel are expected to be much
greater than the value of the property. The Company plans to have
non-dilutive construction finance of over $17
million dollars secured to
cover the development costs of the resort and hotel within the next
30 days.
The resort is situated ten minutes from the home of Bretton
Woods, the largest ski area in the northeast, and Cannon Mountain,
one of the oldest ski areas in North America. The world class
skiing and winter sports conditions are so good that the US Olympic
team built their training facilities there.
This site is blessed with a wide variety of terrain and natural
fauna, mountains and ravines with beautiful views of the White
Mountains. The “high class” log cabins with real stone fireplaces
are extremely comfortable and the resort boasts an Olympic sized
pool, a large lake, fully stocked natural trout pond, natural snow
tubing slide as well as the 8+ mile GPS professional ski and bike
trails going through the property. The facility also gains access
to the national ski mobile network for club members to use. Ski and
bike equipment rentals will be offered as an additional income
opportunity.
Tony Anish, CEO of Wowio, Inc., stated, “This project has been
developed beautifully up to now by the current owner who will
continue to develop and manage the project. Wowio will add
some financial expertise and will arrange the construction and
long-term financing. Currently a handful of cabins and a motel
building with seven suites are ready to open. Additional
development to include three to four cabins monthly will be added
before the winter season is complete."
"The website for the resort, showing a full description of the
property and its surrounding area is now being completed. This is
truly a magnificent resort and its potential is staggering. The
entire facility operations will be professionally managed by one of
the most knowledgeable and experienced management companies
in the industry."
Tony Anish further continued: “We are so excited to be a part of
this project. Combining this project with our home building
in central California will generate significant revenues for the
group. We continue to look for further opportunities and plan
more expansion in the coming months. The financial statements
are expected to be completed in the next few days. Stay
Tuned, there is much more information to come.”
About Wowio, Inc.
WOWIO, Inc., has in the past been a digital media and technology
development company with a patented process and a proprietary
mobile ad-delivery platform that planned to disrupt the eBook
distribution landscape by exploiting a previously untapped
marketplace: ad-supported eBooks.
However, Wowio’s direction is in the real estate space with two
house building projects in in California and growth in real estate
development in other parts of the US.
Safe Harbor and Informational Statement
This press release may contain forward-looking information
within the meaning of Section 21E of the Security Exchange Act of
1934, as amended (the Exchange Act), including all statements that
are not statement of historical fact regarding the intent, belief
or current expectations of the company, its directors or its
officers with respect to, among other things: (i) the company's
financing plans; (ii) trends affecting the company's financial
conditions or results of operations; (iii): the company's growth
strategy and operating strategy; and (iv) the declaration and
payment of dividends.
The words "may", "would", "will", "expect", "estimate",
"anticipate", "believe", "intend", and similar expressions and
variations thereof are intended to identify forward-looking
statements. Investors are cautioned that any such forward-looking
statement are not a guarantee of future of future performance and
involve risks and uncertainties, many of which are beyond the
company's ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors including the risk disclosed in the
company's statements and reports filed with the OTC Markets. The
Company claims the safe harbor provided by Section 21E(c) of the
Exchange Act for all forward-looking statements.
For more information contact Anthony L. Anish information@wowioinc.com Twitter: @wwioinc
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